Dogwifhat, dog-themed meme coin, that noticed a large upside transfer just lately has began falling triggered by a few elements. WIF worth tumbled over 12% in the present day as meme coin hype ended with the correction in GameStop (GME) inventory worth.
Among the many high 100 cryptocurrencies based mostly on market cap, meme cash reminiscent of WIF, BOME, PEPE, and FLOKI led the decline within the crypto market, confirming it’s a meme coin-led downfall.
WIF Value Plunges 12%
WIF worth fell 12% within the final 24 hours, with the value at present buying and selling at $2.58 on the time of writing. The 24-hour high and low are $2.53 and $2.89, respectively.
Whales and merchants are promoting dogwifhat to guide earnings early as GameStop and AMC Theatres costs tumbled after the current FOMO for upside. GameStop worth fell after a spectacular rally final week, dropping greater than 20% in the present day after hitting a 52-week excessive of $64.83.
A whale offered 732,481 WIF value $1.85 million. This whale bought the WIF holdings for $2.18 million however determined to promote full WIF holdings at a loss. Different whales have mirrored the identical sentiment to dump their holdings in WIF.
In the meantime, merchants are additionally promoting their positions in WIF because it even fails to succeed in quick zones and chart patterns sign large promoting upcoming in dogwifhat.
Crypto analysts have identified $2.5 because the essential assist degree to observe. If WIF loses this assist degree, the following drop shall be round $1.6.
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Is Meme Coin Mania Over?
The meme coin hype seen just lately was triggered by GameStop rally. Because the GME worth fell, so did the meme cash together with BOME, PEPE, and FLOKI costs.
Notably, derivatives merchants haven’t began promoting WIF. The WIF trade futures open curiosity rose almost 5% up to now 24 hours. The excessive confidence in derivatives merchants may drive the market motion subsequent week. Merchants are more likely to crash WIF subsequent week if the essential assist is damaged.
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The introduced content material might embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.
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